Data analysis is not just for big companies. Startups can also use it to establish a successful business model.
According to an IDC prognosis, the amount of data around the world will rise to 40 zettabytes by 2020. An unimaginably large number – integration, digitalization, growing processing power and the cloud are making this possible. But which part of the data should be analyzed? How much time and effort should a company or individual project invest? In order to make a proper assessment, the expert knowledge of a data analyst is needed – and/or a good BI analysis tool.
Big data and – as a result – data analysis are finding their way into all corporate sectors. This not only applies to management and controlling but an increasing number of sales and marketing workers are also being supplied with big data, data analysis and business intelligence tools.
The BARC BI and Big Data Forum at CeBIT 2017 will demonstrate how advanced analysis and prognoses can help generate valuable insights from the rapidly growing amount of data. As in 2016, over 1300 audience members are expected to attend the forum in Hall 5. The current keywords are data mining, mechanical learning, forecasting methods, and operations research.
On the BARC blog, Dr. Carsten Bange, Manager of the Business Application Research Center writes that "big data is not just something for big companies." It doesn’t matter if the company is large or small. In fact all such companies are pioneers "that either have a business model with a strong focus on data and information, or come from a sector with a great deal of competition such as telecommunications or finance." It is possible to observe activity in retail and the industrial sectors as well as all types of service companies. Age also appears to play a role: Younger companies are often more innovative and faster when it comes to using data according to Carsten Bange.
"Especially among FinTechs there are small companies who have established successful business models by evaluating big data."
According to Bange, big data projects usually begin with an idea, such as how data and data analysis can contribute to improving processing or changing the business model. Promoting this creativity and permitting the idea to be developed and tested through to its implementation require "extensive support from management." According to BARC’s Managing Director, a company’s culture of innovation must allow "ideas to be generated quickly and just as quickly be tested and discarded. Furthermore, the organization must be willing to incorporate and implement innovation."